Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in May 2020 by 56% compared with the same month in 2019, and decreased by 27% in the five months to May 2020. Credit card and personal loan new business together fell in May 2020 by 46% compared…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in May 2020 by 78% compared with the same month in 2019, and by 41% in the five months to May 2020. The consumer new car finance market reported a fall in new…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes fall by 80% in May 2020. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The severity…
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The Financial Conduct Authority (FCA) has announced proposals that would provide continued support for users of motor finance and high-cost credit products, who continue to face payment difficulties due to the pandemic. The proposals outline the options firms will provide motor finance, buy-now pay-later (BNPL), rent-to-own (RTO) and pawnbroking customers who are coming to the…
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The Financial Conduct Authority (FCA) has confirmed that the credit card payments freeze could be extended for another three months for customers still suffering from the economic impact of coronavirus. After imposing a three-month pause on repayments for those struggling amid the fallout of the pandemic on the economy, the Financial Conduct Authority (FCA) has…
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Specialist recoveries company Phillips & Cohen Associates has announced plans to expand into the servicing of potentially vulnerable consumers. The business, which has been consistently recognised for its compassionate engagement model during its 23-year history, is reacting to client demand for this new service alongside increasing market demographic needs. As one of a number of…
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A survey of over 4,000 customers by Virgin Money found one in eight had called on their bank for help in the form of overdrafts and payment holidays on mortgages, personal loans and credit cards, the equivalent of about 8 million people. Virgin Money’s Financial Happiness report found that 1 in 4 (24%) of those…
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The Bank of England’s latest money statistics reports that households repaid more loans from banks than they took out. A £4.6 billion net repayment of consumer credit more than offset a small increase in mortgage borrowing. Approvals for mortgages for house purchases fell further in May to 9,300. The repayments on consumer credit dropped to…
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The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has welcomed a new Cabinet Office call for evidence on fairness in government debt collection, calling the move an opportunity to bring about ‘real and lasting improvements’ to protect people in financial difficulty. The call for evidence comes at a time when…
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Outsourcing collections specialist, The Sigma Financial Group has announced plans to double in size over the next five years following a record period of growth in the UK and abroad. The Group, which offers white label customer contact centre services across the utilities, retail, financial services and telecommunications sectors, plans to double its 1,500 workforce…
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Households are increasingly struggling to make ends meet as the covid-19 pandemic crisis continues, with research suggesting a worrying increase in family debt. Research by the Institute for Fiscal Studies (IFS) shows that one in seven households are falling behind on repaying their mortgages due to the coronavirus pandemic. The study found that 1.4 million…
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Parents are spending hundreds of pounds extra a month to take care of their children during lockdown. New data from comparethemarket.com’s Household Financial Confidence Tracker shows that 40% of families with children at home have spent more on their children during lockdown than they would normally. Of these, parents are spending an average of £52…
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The High Court Enforcement Officers Association (HCEOA) has welcomed the Government announcement that visits to residential properties to enforce debts owed to UK companies can restart from 24th August. High court enforcement agents will be re-starting visits at this time to residential properties in order to take control of goods. The restrictions on visits have…
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